The 76-year-old Oscar winner is enjoying life away from the limelight, but Cruise is hoping to get his old pal out of semi-retirement for his next project.
Titled El Presidente, the comedy will star Cruise as a Secret Service agent and hopefully, Nicholson as the role of a former commander-in-chief who is an alcoholic and womaniser. Cruise's character is assigned to protect the former president after a threat is made on his life.
Cruise has been developing the film since 2010, and he and director Doug Liman are making a final effort to woo Nicholson one last time.
According to The Hollywood Reporter, Cruise and Liman paid a visit to Nicholson at his Hollywood Hills home last week (begs11Nov13) in a bid to persuade him to sign on to the project.
If he does take the role, it will mark Nicholson's first big screen project since 2010's How Do You Know and 22 years since he and Cruise starred alongside each other in the hit military courtroom drama.